Decentralized (MANA) is at a critical juncture as it faces a retest of an important trendline that could determine its next big move. With the price hovering near a crucial support level, market watchers are eager to see if MANA will hold the line and trigger a bullish reversal.
A successful defense of this trendline could trigger a rally, propelling the cryptocurrency to new highs. However, failure to hold it could lead to increased volatility and uncertainty. All eyes are now on MANA’s ability to withstand the pressure and potentially set the stage for a significant breakout.
This article aims to examine the critical retest of the MANA trendline and its potential to trigger a bullish surge. We will explore the technical factors at play, assess key support and resistance levels, and consider the market feeling leading up to this crucial moment, providing traders and investors with insights into whether MANA is poised for a breakout or if a reversal is on the horizon.
Market Sentiment: Are the Bulls Ready to Take Over?
MANA price is currently trading below the 100-day simple moving average (SMA) on the 4-hour chart, with a clear attempt to retest the bearish territory. This price action indicates that rude remain dominant in the market and may push the price further down towards the key trendline support level.
Additionally, on the 4-hour chart, the Relative Strength Index (RSI) has fallen below the 50% mark, now sitting at 33%. With the RSI hovering in the lower range, there is a higher probability that the price will continue to lose ground, potentially moving towards a critical retest of the trendline.
On the daily chart, MANA has been on a bearish trajectory, moving to retest the trendline after briefly trading above it and below the 100-day SMA, as evidenced by several bearish candlesticks. This downward movement reflects strong selling pressure and negative market sentiment, increasing the likelihood of the price reaching the trendline again.
Finally, the 1-day RSI shows bearish pressure on MANA. The signal line has fallen below 50%, now at 45%, which signals intensifying selling pressure and a growing negative sentiment for the digital asset.
Support vs. Resistance: What’s Next for MANA?
If MANA price hits the downtrend line and faces rejection, it could set the stage for a significant increase, and $0.3103 could be the next resistance zone. A successful break above this resistance could signal further earnings reinforcing the uptrend targeting the next resistance range at $0.3483 and other levels beyond.
If MANA fails to sustain below the downtrend line, it could either consolidate or drop back to $0.2559. support level. Once the price breaks this support, it could continue its downtrend, possibly targeting $0.2170 and other lower support levels.
MANA is currently trading at around $0.2792, marking a decline of 3.7%. The total market capitalization of the cryptocurrency is $518 million, with a trading volume of $27 million in the last 24 hours. During this period, MANA market the limit decreased by 3.10% and its turnover increased by 14.80%.
Featured image from LinkedIn, chart from Tradingview.com